The process of buying a house – solicitor fees, costs & estimated timeline

The process of buying a house can be exciting, but also mysterious, perplexing and sometimes frustrating, particularly for first-time buyers.

What is actually involved along the way? Why is it taking so long – and why does it cost so much?

Buying a new home is one of life’s indisputable major events, whether you’re a first time buyer taking your first step on the property ladder, a current or previous homeowner looking to move, or an investor starting or adding to your property portfolio.

A crystal clear understanding of costs, timescales and the various stages involved helps home buyers feel at ease, but all too often this isn’t the case. Here’s absolutely everything you need to know about the process of buying a home.

In this article...

1. The process and timeline of buying a house
2. How long does it take to buy a house?
3. Fees and costs involved with buying a house
4. Why a good solicitor is crucial when buying a property

The process and timeline of buying a house

Whilst every purchase is unique, a typical house buying process will involve these steps and stages.

1. Calculate your budget and apply for a mortgage in principle

Before you start house hunting, you need to know what you can afford.

If you require a mortgage, then you’ll need a mortgage in principle (also known as a decision in principle or agreement in principle). Whilst this doesn’t guarantee a successful mortgage application, it is a statement from a lender saying that they would lend you money.

A mortgage in principle is required to make an offer. Sometimes, it is even required to book a viewing. You can go directly to lenders or use a price comparison site to obtain a mortgage in principle. Some people prefer to seek guidance by consulting a mortgage advisor.

The amount you can borrow will be stated in your mortgage in principle. Typically, the most you can borrow is capped at 4.5 times your salary (combined if buying with someone else).

Add this amount to your upfront funds – your deposit – and you’ll have a rough idea of how much you can afford. A bigger deposit can help you keep your loan-to-value (LTV) lower, which may unlock better mortgage deals.

Of course, be wary of overstretching yourself, and when calculating your budgets, don’t forget to ringfence money for conveyancing fees, stamp duty, searches, surveys, removal costs and, if you’re selling, estate agent fees. More on these later.

2. Start viewing houses

With a budget in mind, it’s time to start scoping out properties that you like. You might want to use the big property search sites like Rightmove or go directly to estate agent websites. Once you find a property you like, you can then arrange a viewing.

3. Make an offer (and potentially negotiate)

So, you’ve viewed a few properties and you think you may have found your dream home. Now’s the time to make an offer.

The amount you should propose for a first offer is hotly debated – received wisdom is to offer 5–10% under the asking price, although every transaction is different. For a particularly in-demand property, offering the asking price may be a better tactic. You will receive a rejection, acceptance or counter offer from the seller.

As part of the offer process, you’ll be required to provide proof of funds. This shows you have the financial means to complete the transactions.

‘Gazumping’

Did you know that your house purchase isn’t legally binding until you actually exchange contracts? You might have heard the term ‘gazumping’ – this is where a seller receives and accepts a higher offer from another buyer, after yours had already been accepted.

Unfortunately, there’s nothing that buyers can really do to avoid it, other than to ask the property to be taken off property search websites and ensure the conveyancing case progresses as quickly as possible.

4. Choose a conveyancing solicitor and instruct them

So, you’ve found your perfect home and had an offer accepted? Congratulations! At this point the house is sold ‘subject to contract’ (STC). The next stage is to appoint a conveyancing firm to handle the sale.

Conveyancing is the legal process of transferring a property’s ownership from one person to another. Conveyancers are specialist property lawyers – in the context of buying a house, the terms ‘conveyancer’, ‘solicitor’ and ‘lawyer’ are often used interchangeably.

How to choose a good conveyancing firm

Choosing a reputable, trusted solicitor can save you time, hassle and worry.

A good starting point would be to ask friends and family, check third-party review sites (like Trustpilot) and check for accreditations, like CQS (Conveyancing Quality Scheme).

At Emsleys Solicitors, we are CQS accredited and a’re proud to offer excellent client care, including a dedicated app and portal for a hassle-free, streamlined conveyancing transaction.

After receiving a quote, if you like what you see, then your conveyancer will take your detailed instructions and proceed. They will ask you for a range of documentation, which will initially include ID, proof of funds and address, and begin receiving and reviewing the contract documents.

5. Make a full mortgage application

With your offer accepted and conveyancing lined up, you’ll need to make your full application for the mortgage. You can’t apply until you’ve had an offer accepted. Whilst you have your mortgage in principle, you might want to shop around – mortgage products can change quickly.

A comparison site or mortgage advisor might be useful in helping you find the right mortgage product. As part of your mortgage application, you’ll receive a mortgage illustration which will detail all the terms and conditions.

As part of the mortgage application process, your lender will likely require evidence of payslips.

6. Wait for your solicitor to conduct searches

After instructing your solicitor, they may need to commission ‘searches’. These provide important information about the property you’re buying – this can include flood risk, access issues or whether the house you’re buying might be subject to further development.

These conveyancing searches typically cost around £350 and are part of a ‘pack’. We’ve included more details on what types of searches there are, what they entail and a typical cost breakdown follows further down the page.

Once your solicitor has reviewed the searches, they’ll advise you on the results and obtain further planning documentation if required.

How long do searches take? Why are my searches taking so long?

Many conveyancing transactions are held up by the amount of time taken to receive search information – the blame for these delays is often incorrectly laid at the door of the conveyancer. The time taken for searches depends on the caseload and speed of the local authority, but three weeks is usually sufficient.

Bear in mind that results from these searches may prompt your solicitor to seek further information or clarification, too. Any necessary enquiries will be made to the seller’s solicitor.

If you’re buying a flat or leasehold house…

At this stage, your solicitor obtains information from the Landlord or Management Company about management, maintenance and additional costs. The conveyancer will prepare any additional deeds to be signed by you and the Landlord.

If you are buying a leasehold property, you will need advice on things such as rent, service charges, insurance and repairs, as well as an explanation about what the lease actually means.

7. Consider a survey

Whilst surveys aren’t mandatory, they can help to give you peace of mind, flag up any issues and save you money in the long run. You may also want to use its findings to renegotiate your offer.

The most common type of survey is the HomeBuyer Report. Costs for these start at around £500 and increase in line with the house value. Other types of survey include structural surveys, commonly commissioned for older buildings, and snagging surveys, popular for new build homes.

Don’t confuse a survey with the mortgage valuation. This is a quick, cursory inspection carried out by your lender to double check that the property is worth what they’re lending you. They’re not particularly in-depth and are not always shared with the buyer.

When the survey is completed…

If the survey uncovers expensive problems with the property, then you might want to use this information to ask for a reduction in price or, alternatively, request that the seller rectify the issues at the property prior to completion.

8. Agree a completion date

With the survey and searches completed and the mortgage application accepted, it’s time to agree on a completion date with the seller’s solicitor – that is, the date when you get the keys. Completion can take place on any working day, however Friday is often the most popular day of the week.

9. Deposit and exchange of contracts

Now a completion date is pencilled in, you’ll receive a contract and other relevant documentation to sign. Your solicitor will advise you on when and how these are signed or witnessed. Many of these documents can now be signed electronically.

Upon receipt of the signed documents, your solicitor will arrange exchange of contracts with the seller’s solicitors: this is the stage at which the agreement becomes legally binding. Exchange usually takes place around one to four weeks before completion, but not always. It’s even possible to exchange and complete on the same day.

Typically, a 10% deposit is paid upon exchange of contracts – your solicitor will provide advice on how to securely transfer the funds, if required. Once exchange of contracts has taken place, you’re legally bound to purchase the property.

Arrange buildings insurance

Once contracts have been exchanged, you’re responsible for the house. You’ll need to have a buildings insurance policy for your property in place. Home insurance policies can cover many things, but lenders often insist on building cover as a condition of the mortgage. Of particular importance is the ‘rebuild value’ – crosscheck this with your survey.

Time to book in a removal company?

Now you’re committed and the completion date is set, it might be time to get some quotes from removal companies and book one in.

10. Completion statement

Around this time, you’ll be provided with a completion statement from your solicitor – this is a clear breakdown of any remaining deposit, stamp duty and solicitor fees.

Around this point, your solicitor will prepare a transfer deed. This needs to be signed in the presence of a witness.

At the same time, your solicitor will report to your lender and arrange for all money to be drawn. They will make a full payment for the house to the seller’s solicitor on the day of completion.

11. Completion

Congratulations – that’s the end of the home buying process! You’ll now receive the keys.

Following completion, your solicitor will officially register your ownership at HM Land Registry and the new title deeds will then be received. If you’re buying a flat or leasehold house, your solicitor will inform the Landlord or Management Company of the change of ownership.

How long does it take to buy a house?

On average, the conveyancing process takes between 10 and 14 weeks. However, the time between your offer being accepted and the date you can move in depends on a number of factors.

The most important of these factors is the number of parties in the chain. What are their circumstances? Do they have mortgages agreed? How long is it taking them to obtain information from local authorities or management companies? Surveys, searches and mortgage offers can elongate the process. Issues for one party in the chain can cause delays for everyone.

Therefore, the time from offer acceptance to completion is highly variable. A simple transaction for a first-time buyer with a speedy mortgage application and no chain may take as little as six weeks, but a protracted, complex conveyancing case involving many ‘links’ could take more than 16 weeks to complete.

If you add in the process of applying for a mortgage in principle, viewing houses and having an offer accepted, expect to add another several weeks onto this timescale.

Fees and costs involved with buying a house

It is a common pitfall of many homebuyers: underestimating costs relating to conveyancing, surveys, stamp duty, mortgage fees and removals.

Conveyancing fees

Across the UK, the average conveyancing cost for the purchase of a freehold property was around £1250. Bear in mind that this is linked to the value of the property and can vary to quite an extent.

This does not take into account disbursements – these are expenses paid by the solicitor which are then added to your final bill.

If you’re a leaseholder…

Leaseholders typically pay a slight premium for conveyancing fees – this is simply because it entails extra work checking the length of the lease, as well as liaising with the landlord or managing agents. The solicitor may also need to obtain additional information about the service charges and management details.

Your solicitor will be able to provide a quote when you enquire.

Search fees

Your solicitor will commission a number of searches on your property as part of the process. These vary in cost and are usually rolled into your bill as part of a ‘search pack’, typically costing around £300.

Some searches can be location specific. For example, if you’re buying a house in a former coal mining area, a mining search (£25-£120) may be needed to confirm that there’s no risk of subsidence.

There are several other types of searches, like chancel repair. This can affect a surprising number of properties. Essentially, some homeowners are responsible for the cost of repairs to a parish church. A chancel repair liability insurance policy is around £25, typically lasting several decades and covering up to £1 million.

Survey fees

The most common type of survey, the RICS Level 2 HomeBuyer Report, typically starts at around £400, increasing in line with the cost of the property. The average cost is approximately £500.

A RICS Level 3 Building survey, the most comprehensive type suitable for older properties, is around £800 on average. A snagging report, popular for new build houses, will usually cost between £300 and £600.

Stamp Duty Land Tax (SDLT)

SDLT is the biggest extra expense when it comes to buying a house in England and Northern Ireland. Rates vary depending on the house value.

Using the example from the gov.uk website, if you buy a house worth £295,000, you’ll pay 0% on the first £250,000, then 5% on the final £45,000, which is £2,250. Note, however, that SDLT only applies to properties costing more than £250,000 and first-time buyers pay nothing on properties costing up to £425,000.

The gov.uk website has a helpful SDLT calculator. Your conveyancer will also be able to provide guidance on how much you’ll pay.

Removal fees

Clearly, this varies hugely depending on the volume of possessions you’re transporting. The average removal cost for a two-bedroom house is £400–£600. For larger properties, you may be paying closer to (and over) £1000. You might be able to cut costs by hiring a van and doing much of the work yourself.

Mortgage fees

Mortgage arrangement fees for setting up your mortgage can be around £1000; valuation fees are typically in the £200 region. Sometimes, these are rolled into the amount you borrow, so you don’t need to find the cash up front. With certain mortgage products, some lenders might not even charge these fees.

Note: buyers do not pay the estate agent fees, which are between 1–3%; this cost is covered by the seller.

Why a good solicitor is crucial when buying a property

There’s a fair bit of choice when it comes to solicitors, but what value does a good conveyancing firm add to you when you’re buying a house?

• Communication: Knowing exactly what stage your conveyancing case is at is priceless peace of mind – this means regular communication with a dedicated conveyancer. At Emsleys Solicitors, communication is our priority, we are often able to return calls within 24 hours and we also provide regular updates as part of our service. Our dedicated app and online portal allows new clients to upload necessary documentation at the outset, which streamlines the entire process.

• Speed: Good conveyancing firms liaise directly with lenders and surveyors to make the entire home buying process seamless and speedy. Again, an online portal will allow you to upload documentation, reducing delays that can be associated with physical copies.

• Flexibility: Whether online, by phone, through email or by dropping into an office, a good conveyancing company will allow you to discuss your case however you prefer and in a way which best suits you, without delay.

• Trust: When choosing conveyancing services, look out for a body of steady, long-term independent customer reviews across a number of platforms, like Trustpilot and Google Reviews. Who do family and friends recommend? Other green flags include industry accreditations like Lexcel and CQS.

• Fixed fees: For certainty, a good conveyancing company should offer clear, fixed fees explained in plain English. There should be no hidden extras; what you’re quoted should be exactly what you’ll pay. Our conveyancing price calculator might be useful for getting an idea of costs.

Above all, you will want someone to explain what is happening as they guide you through the process of buying a new home. They should make the entire process as simple, straightforward and stress-free as possible.

You should know exactly what stage you’re at and what’s next with a clear understanding of the timescales involved.

Trust our talented team of conveyancing specialists

Our award-winning team of solicitors have decades of experience acting for home buyers. Rated as ‘Excellent’ on Trustpilot, our reputation is built on word-of-mouth recommendations from satisfied clients and our long-standing partnerships with local housebuilders.

We will take time to understand your individual situation and needs, explain and guide you through the process, resolve problems with the minimum of fuss and keep you informed and updated on progress throughout. You’ll be notified when you need to take action, speeding up the entire case.

By offering a flexible approach with fixed fees explained in clear English, we’re proud to have built a long-standing reputation for conveyancing excellence. As well as being fully accredited, we are proud to have been repeatedly recognised in a number of industry awards programmes.

We hope our customer testimonials and reviews speak for themselves.

Thinking of buying or selling?

Or do you have more questions about the house buying process and how much your case might cost? Get in touch with our conveyancing team by calling 0113 264 4414 or by filling in our website contact form.